India's economy expanded by 8.2% in the third quarter of the current fiscal year, a slight dip from the previous two quarters' average of 8.9%. Despite this, the finance minister projects an overall 8.6% growth for the entire fiscal year.
The day Finance Minister Pranab Mukherjee projected an 8.6 percent growth for the current fiscal, official figures Monday showed the economy grew 8.2 percent in the third quarter of current fiscal, slower than an average of 8.9 percent in the first two quarters.
Quarterly gross domestic product (GDP) at factor cost at constant prices (2004-05) for third quarter of 2010-11 is estimated at Rs.12,61,664 crore, as against Rs.11,66,145 crore during the same period last year, registering a growth of 8.2 percent, according to data released by the Central Statistical Organisation.
Agriculture, forestry and fishing grew at 8.9 percent, construction at 8.0 percent, trade, hotels, transport and communication at 9.4 percent, and financing, insurance, real estate and business services at 11.2 percent in the quarter under review.
The growth rate in mining and quarrying, manufacturing and community, social and personal services is estimated at 6 percent, 5.6 percent and 4.8 percent respectively.
Economy grew 8.8 percent in the first quarter and 8.9 percent in the second quarter of fiscal 2010-11.
The government’s top statistical office has projected 8.6 percent growth for the whole fiscal.